I understand your point, but in the Web 2.0 era, when a company raised money from angel investors or funds and went public, most investors weren't even locked up—it was a free market where you could sell shares and let price discovery happen naturally. Some IPOs had lock-ups of 30–90 days, but not for years. Meanwhile, cryptocurrency VCs invested for two years before the TGE, and now those funds are locked up for another year after the TGE. This means three years of no liquidity. Add in the two-year vesting period, for a total of five years.